I've recently spoke to a few Hairstylists who are planning to raise their prices at the beginning of the year. I want to scream NOOOO, don't do it then! I know some people do this and it works for them, but I personally think it’s the worst time of the year to raise your prices!
Why do I think so? I've been in and around this business for almost all of my life, and almost across the board, January is a typically 'slow' time for many, if not most, salons.
1) In many parts of the country, it’s cold and bleak, people will just put their hair in a ponytail and put a hat on, so they don’t come in until spring.
2) Others are receiving those after-Christmas credit card bills and wondering how they got so carried away - and what they can cut back on to get back on track.
3) Often those early months of the year aren’t packed with events and activities where you need to look great or dress to impress, so people don’t worry as much about their hair.
So how could a time when people are trying NOT to spend money (or even come outside), be the best time to raise your prices? Can you spell pushback?
So when is the best time to raise your prices, Miki? My favorite, if you haven’t recently raised them, is BEFORE the holidays. People have places to go, people to impress and they’re in a spending money mood anyway (think Black Friday, lol). Most people are not going to skip getting their hair done during that time just because the price went up. And by the time January gets here, they will have already forgotten.
P.S. Because it is such a great time, I’m offering a VIP Group Coaching Masterclass for FREE to those who join The Luxury Hairstylist Blueprint before Sunday, September 18th! Those students will have the opportunity to explode their growth (think doubling your income, working only 3 days a week) and be supported by like-minded Hair Stylists who are doing the same. Click here for more details.
Miki Wright, founder of www.BeautySuperStars.com and host of the Beauty SuperStars Talk Podcast, is respected as a leader in the Beauty Industry. Wright, a Salon Business Coach and Pricing Strategist, has been a long time Educator at many of the top Hair Shows in the country. She continues to share her knowledge to help Beauty Pros create the clientele, income and lifestyle they desire with her FREE Webinar, Level Up! The Salon Pricing Masterclass and other online classes.
Beauty SuperStars Talk gives beauty enthusiasts a backstage pass to ‘Experts in Beauty’ and offers interviews that celebrate Black Beauty Bosses who are excelling in the Beauty Industry. Follow her on https://youtube.com/mikiwright
Wright is the former Owner of Fabulous Finishes Salon and Day Spa, which was one of the first African-American owned spa facilities in the country! In addition, her salon was selected by Salon Today Magazine as one of the “200 Fastest Growing Salons” in the country, for three consecutive years! Be sure to grab your FREE copy of the Hairstylist's Power Pricing Workbook at https://www.beautysuperstars.com/pricing